EthenaDAT / NAV Tracker · Nasdaq: USDE
StablecoinX vs. its ENA treasury
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mNAV
Unlocked mNAV
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Market cap vs. NAV
Daily since the Jun 26, 2026 Nasdaq listing · hover for values
Total ENA NAV
Unlocked ENA NAV*
USDE market cap
NAV per share vs. share price
Everything in $/share on one axis — the gap is the discount
NAV per share
Unlocked NAV per share*
USDE share price
mNAV ratio
Market cap ÷ NAV · 1.0× = market pays full spot value · dashed = historical mean
mNAV (total)
mNAV (unlocked only)
Indexed performance
Rebased to 100 at listing — separates ENA beta from the re-rating
USDE
ENA
NAV per share
ENA per share
Tokens backing each share — unlocked steps up on each vesting date
Total ENA / share
Unlocked ENA / share
Unlock schedule
48-month lock-up: 25% at the 12-month cliff, the rest in 36 monthly installments (424B3)
| Unlock date | ENA tokens | Tranche | % of treasury | Cumulative unlocked |
|---|
SEC filings
Primary sources · 10-K / 10-Q filings will be added as filed
| Date | Filing | What's in it |
|---|---|---|
| Aug 14, 2026 | 8-K — Q2 2026 results | Treasury confirmed at ~3.0B ENA, $18.9M cash, ecosystem updates |
| Jul 2, 2026 | Super 8-K — closing | Share counts (24.03M Class A + 3.16M Class B), PIPE structure ($893M) |
| Jun 26, 2026 | 8-K — Nasdaq debut | 3,029M ENA at $0.0909 VWAP ($275M), $11.42/share NAV framing |
| May 29, 2026 | 424B3 — prospectus | Locked ENA purchase terms: 48-month lock-up, 25% cliff, 36 monthly installments |
| All StablecoinX filings on EDGAR → | ||